What are the best ways to use technology for demand planning?

1 Data integration

Data integration is the process of combining data from different sources and formats into a unified and consistent view. It enables demand planners to access and analyze data from various internal and external sources, such as sales, marketing, finance, operations, suppliers, customers, and market trends. Data integration can help demand planners improve the quality, completeness, and timeliness of their demand forecasts, as well as identify patterns, correlations, and anomalies.

2 Artificial intelligence

Artificial intelligence (AI) is the ability of machines to perform tasks that normally require human intelligence, such as learning, reasoning, and decision making. AI can help demand planners automate and augment their demand forecasting and planning processes, by using algorithms, models, and tools that can learn from data, adapt to changes, and generate insights and recommendations. AI can help demand planners increase the accuracy, speed, and scalability of their demand forecasts, as well as reduce human errors and biases.

3 Cloud computing

Cloud computing is the delivery of computing services, such as servers, storage, databases, software, and analytics, over the internet. Cloud computing can help demand planners leverage the benefits of data integration and AI, without having to invest in costly and complex infrastructure and maintenance. Cloud computing can help demand planners access and share data and applications from anywhere, anytime, and on any device, as well as scale up or down their computing resources according to their demand planning needs.

4 Simulation and scenario analysis

Simulation and scenario analysis are techniques that allow demand planners to test and compare the outcomes of different assumptions, variables, and actions on their demand forecasts and plans. They can help demand planners evaluate the impact of various factors, such as demand drivers, supply constraints, market conditions, and business strategies, on their demand planning performance and objectives. Simulation and scenario analysis can help demand planners enhance their decision making, risk management, and contingency planning capabilities.

5 Collaboration and communication

Collaboration and communication are the processes of exchanging information, ideas, and feedback among different stakeholders involved in demand planning. They can help demand planners align their demand forecasts and plans with the expectations and requirements of their internal and external partners, such as sales, marketing, finance, operations, suppliers, and customers. Collaboration and communication can help demand planners improve their visibility, accountability, and coordination across the supply chain, as well as increase their customer satisfaction and loyalty.

6 Continuous improvement

Continuous improvement is the practice of constantly monitoring, evaluating, and improving the demand planning process and outcomes. It can help demand planners identify and address the gaps, errors, and inefficiencies in their demand forecasting and planning methods, tools, and systems. Continuous improvement can help demand planners enhance their demand planning maturity, agility, and competitiveness, as well as achieve their demand planning goals and metrics.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?